KLCI ends +2.3% at 1156.58 in moderate volume of 2.73 billion shares led by blue chips as foreign funds bottom-fished oversold stocks but retreat from intraday high of 1170.01 indicates conviction to take profit into strength. The market is likely to stay volatile in the immediate term as investors take profit into strength. KLCI is expected in 1140-1170 range over next few days. Expects rotational interest in construction, property and plantation stocks to persist while ongoing M&A in banking sector may help lift banking stocks.
Let see if the index could sustain above 1,150 pts. If not, the current run up is only a Dead Cat Bounce Boink Boink.
For 7/3/2007 the index close at 1,156.5800.
Overall, the bias is: Downwards.
The projected upper bound is: 1,203.04.
The projected lower bound is: 1,113.96.
Due for a rebound. No contra trade pls.
For 7/3/2007 the closing price was 3.6000.
Overall, the bias in prices is: Downwards.
Prices are vulnerable to move up towards 4.41.
The projected upper bound is: 4.21.
The projected lower bound is: 2.94.